Auto enhanced fico w no revolving credit

[Tallyo]

My husband is getting ready to purchase a new car. We have a four year old mortgage perfect payment and he has several student loans ten years old also with perfect payment. Makes 85k and we are looking to put $10,000 down and thinking of a car around 30k. But we have no crdit cards. Is this going to be an issue with financing?

[pizzadude]

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@Tallyo wrote:
My husband is getting ready to purchase a new car. We have a four year old mortgage perfect payment and he has several student loans ten years old also with perfect payment. Makes 85k and we are looking to put $10,000 down and thinking of a car around 30k. But we have no crdit cards. Is this going to be an issue with financing?

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Any idea what your FICO score is?    Since you already have installment loan history via your mortgage I don't think that it should be much of an issue to obtain financing at a good rate, even moreso if you are putting ~30% down.

[Tallyo]

Last time I checked they were around 710 but it's been sometime ago. I'm hesitant to pay bc I know auto enhanced could be way different. We are looking at dale Earnhardt Chevrolet. Im hoping our mortgage and decent down payment will help counteract. 

[pizzadude]

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@Tallyo wrote:

Last time I checked they were around 710 but it's been sometime ago. I'm hesitant to pay bc I know auto enhanced could be way different. We are looking at dale Earnhardt Chevrolet. Im hoping our mortgage and decent down payment will help counteract. 

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It should certainly make a difference, at least IMO.   Why don't you try getting pre~approved at a local CU or bank before you go into the dealership -- that way you have leverage.  

[Tallyo]

I just pulled his tu fico and it's 701. I was hoping for better! Do you think they will bump is up when considering the down payment?

[pizzadude]

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@Tallyo wrote:
I just pulled his tu fico and it's 701. I was hoping for better! Do you think they will bump is up when considering the down payment?

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Honestly I don't think that's bad at all ~ you should have no trouble qualifying for an excellent rate.

If you haven't already, take a look at this sticky thread:

http://ficoforums.myfico.com/t5/Auto-Loans/Guide-to-Financing-Leasing-and-Refinancing-a-Car/td-p/289...

[Tallyo]

How high do you have to be to qualify for 0percent apr? Two dealerships near us are doing this promotion. I'm assuming you have to be at the top to qualify.

[pizzadude]

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@Tallyo wrote:
How high do you have to be to qualify for 0percent apr? Two dealerships near us are doing this promotion. I'm assuming you have to be at the top to qualify.

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The tiers / interest rates will vary by manufacturer.   You should be able to negotiate given your good credit and large downpayment.

[Remember0]

With a 700+ FICO, walk to another dealer if you don't qualify for the 0% rate. Also try having a preapproval from a local bank/CU if possible to use as leverage. I think given the history, DCU might just work, but they have been giving wierd approval amounts in my opinion esp. with no prior relationship/auto loan. I think for a pre approval, either a local bank/CU or BofA would be a good bet to be honest. Finally, apply for the loan before those student loans drop off due to age. And get 2-3 cards in each person's name after the car, will you? You can literally put only gas or milk on it and pay it off every month.